The growth of the Services Sector in India is a unique example of leap-frogging traditional models of economic growth. Within a short span of 50 years since independence, the contribution of the service sector in India to the country’s GDP is a lion’s share of over 60%. Consequently, agriculture and manufacturing continue to sustain the majority of our employed population. This presents a unique challenge to future economic https://1investing.in/ growth in India and requires out of the box solutions that will help rapidly harness the potential of the service industry in India. Invest India takes a look at the contribution of the services sector in the Indian economy, its successes and also explores potential enablers for future equitable economic growth. This industrial region is spread over Tiruvanantapuram, Kollam, Alwaye, Ernakulam and Alappuzha districts.
Trivandrum is built on seven low-hills and lying on the southwest coast of India. This city is well-connected to the major cities of India through a number of different transports. Trivandrum is a well-known city for spectacular temples, pristine beaches and green spaces. If you are rain lover then Trivandrum is the best place to live where climate is always tropical and pleasant.
This region witnessed most rapid industrial growth in post-Independence period. Till 1960, industries were confined to Bangalore, Salem and Madurai districts but now they have spread over all the districts of Tamil Nadu except Viluppuram. Since, this region is away from the coalfields; its development is dependent on the Pykara hydroelectric plant, which was built in 1932. Cotton textile industry was the first to take roots due to the presence of cotton growing areas. Aircraft , machine tools, telephone and Bharat Electronics are industrial landmarks of this region.
One can note a cluster of small islands and peninsulas along the peaceful shore of the Arabian Sea in Kochi. You can live a truly modern lifestyle at this metropolitan city which is also famous for trade center. You can experience a major it hub of india is _________ new phase of shopping in Kochi where you will get stylish fresh jewelry crafted with a mixture of traditional vibe and modern technique. It offers the best connectivity to seaport and airport and also known for its metro services.
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It has the most vibrant present and an equally varied heritage of the past. The Dutch and the Portuguese also established there business centers in Surat, the remnants of which are still preserved in the modern day Surat. In past this was a glorious port with ships of more than 84 countries anchored in its harbour at any time.
- During the rule of Raghoji III , the region was administered by a British resident.
- This region owes its development to the discovery of coal in the Damodar Valley and metallic and non-metallic minerals in Jharkhand and northern Orissa.
- The language that is mostly spoken in the Surat City is Surti Gujrati language.Many people refer to the unique culture of Surat as the “Surti Culture”.
- The government introduced the STP Scheme, which is a 100% export-oriented scheme for the development and export of computer software, including export of professional services.
- Let us now look at the list of service sectors in India that perform, as well as demonstrate strong potential for future growth.
Media & Entertainment , Education , and Sports , Legal/ Paralegal services, Risk management and advisory functions, etc. are areas that can lead to an immense contribution of service industry in the Indian economy. Surat is also known to be the world’s largest diamond manufacturing centre, home to over 5,000 diamond manufacturing units including most advanced, large-scale diamond cutting factories in the world. The Surat SEZ boasts of over 100 listed companies and is fast emerging as a leading jewellery production hub. The Manchester of East, Ahmedabad, is among the richest cities of India. The city ranks eighth on the list with an estimated GDP of $68 billion.
It has also recently been ranked as the cleanest city and the second greenest city of India . In addition, the city also derives political importance from being the headquarters for the RSS and an important location for the Buddhist movement. Bangalore is one of the best cities in India where you can live and work effectively. The city has serene lakes, beautifully crafted garden & parks that will draw you towards it. Shopping at Brigade Road in Bangalore is a great experience where you can get a wide variety of trendy items at affordable price. Bangalore is the perfect place to leading startups and is also known for the biggest IT hub of India.
Mumbai, the Financial Capital of India, is the richest city in the country with a GDP of $310 billion. With an estimated GDP of $43.5 billion, the city is the tenth richest city in India. It is one of the fastest-growing cities in the country and is among the best to live in. The city is famous for its premier educational institutions and is rightly called ‘The Oxford of the East’ by Pt. The city attracts a large number of students from across the world.
In the performance of his official duties, the Attorney General has the right of audience in all courts in the territory of India. To attract significant revenues, improved customer experience is the key factor that will determine its future growth. In this context, government initiatives such as e – Visas, better infrastructure facilities, safety, connectivity etc. are enablers in the right direction. Similarly, for tourism, India is renowned for its places of natural beauty and historical significance.
Hyderabad, Andhra Pradesh
It also has a number of software industries, aerospace, telecommunications as well as heavy industries. Numerous state-owned aerospace and defence organisations, like Bharat Electronics, Hindustan Aeronautics and National Aerospace Laboratories are located in the city. The origin of the city can be traced to the old Hindu town of Suryapur during 1500 – 1520 A.D., which was later colonised by the Brigus or the King from Sauvira on the banks of River Tapi. In 1759, The British rulers took its control from the Mughals till the beginning of the 20th century. The city is located on the River Tapi and has about 6 km long coastal belt along the Arabian Sea. Due to these reasons, the city emerged as an important trade centre and enjoyed prosperity through sea trade in the 16th, 17th and 18th centuries.
Industrial regions emerge when a number of industries locate close to each other and share the benefits of their closeness. They tend to concentrate on certain locations because of the favourable locational factors. Human existence around present day Nagpur city can be traced back 3000 years to 8th century BC. Mehir burial sites at Drugdhamna indicate megalithic culture existed around Nagpur and is still followed in present times.
Tourists just love this place for sightseeing and this makes Trivandrum one of the ideal places to live in India. The Ministry of Electronics and Information Technology has authorised Google Cloud to use cloud technology to address challenging issues for governmental organisations. On July 2, 2021, the Ministry of Heavy Industries and Public Enterprises launched six technology innovation platforms to develop technologies for globally competitive manufacturing in India. American-Irish consumer credit reporting company Experian is planning a major expansion of its global innovation centre in Hyderabad to about 4,000 employees over the next three to five years. According to sources, GIC will concentrate on employing emerging technologies in the BFSI sector, including cloud computing, big data analytics, artificial intelligence, and machine learning. As innovative digital applications permeate sector after sector, India is now prepared for the next phase of growth in its IT revolution.
Inside the fort one can find graves of numerous British soldiers and a cell where Mahatma Gandhi was imprisoned. At present, Sitabuldi fort is the home to the office of the territorial army. The fort opens to the general public only on two national holidays- 26th January and 15th August. At a formal public ceremony on 14 October 1956 in Nagpur B. R. Ambedkar along with his supporters converted to Buddhism starting Dalit Buddhist movement which is still active. Nagpur is a city with great capabilities to grow and prosper in the coming days.
HYDERABAD – Vibrant and Progressive
Important industrial centres are Mumbai, Kolaba, Kalyan, Thane, Trombay, Pune, Pimpri, Nashik, Manmad, Solapur, Kolhapur, Ahmednagar, Satara and Sangli. India’s natural coastline and vast river network give it a competitive edge in providing transportation and logistics services, both domestically and internationally. These can be classified into ports and ports services, warehousing, trans – shipment services, e – logistics, inland waterways for freight and passengers, expressways and dedicated freight corridors.
For example, the Mumbai – Pune expressway and the development of service industries in Pune. Indian services in the space domain, with proven expertise in multiple launch technologies, provide it with a significant advantage over its peers in the global space transportation industry. Many countries are actively looking to piggyback on India’s launch facilities.
History and Culture
Important industrial centres are Kollam, Tiruvanantapuram, Alluva, Kocchi, Alappuzha, and Punalur. This region is located far away from the mineral and power resources, and therefore, the industries are light and market-oriented. Electronics, light engineering and electrical goods are major industries of this region. Besides, there are cotton, woollen and synthetic fabrics, hosiery, sugar, cement, machine tools, tractor, cycle, agricultural implements, chemical and vanaspati industries which have developed on large scale. To the south lies the Agra-Mathura industrial area which specialises in glass and leather goods. Among industrial centres, mention is made of Gurgaon, Delhi, Shahdara, Faridabad, Meerut, Modinagar, Ghaziabad, Ambala, Agra and Mathura.
However, the question is – how to increase value add to GDP from Service companies in India, while reducing employment dependency from agriculture, as well as boosting the manufacturing industry. Cotton textile industry also grew along with jute industry, paper, engineering, textile machinery, electrical, chemical, pharmaceuticals, fertiliser and petrochemical industries have also developed within this region. Important industrial centres of this region are Kolkata, Haora, Haldia, Serampur, Rishra, Shibpur, Naihati, Kakinara, Shamnagar, Titagarh, Sodepur, Budge Budge, Birlanagar, Bansberia, Belgurriah, Triveni, Hugli, Belur, etc. It extends from Mumbai-Thane to Pune and in adjoining districts of Nashik and Solapur.
In June 2022, ZStack International, a worldwide market leader in cloud computing, IaaS and PaaS solutions, announced that they were entering into India and the SAARC Region. The computer software and hardware sector in India attracted cumulative foreign direct investment inflows worth US$ 88.94 billion between April 2000-June 2022. The sector ranked second in FDI inflows as per the data released by Department for Promotion of Industry and Internal Trade . Computer software and hardware make up 14.70% of the cumulative FDI inflows. Indian IT’s core competencies and strengths have attracted significant investment from major countries and companies.